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20130107
20130115
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much money. the deposit growth here is unbelievable. but in this environment, people want net interest margin. they want the bank to make more money or more mortgages. >> some banks out there, just declined only six basis points. that's how optimistic some on wall street will be going into this quarter. the sequential decline, it's 3.56 for the fourth quarter from 3.66 in the third. as you mentioned, ten-base point decline. so that picture has been dimming a bit. total lending has increased. >> not enough to offset the incredible increase in the deposits. what did they take in over -- >> $30 billion in the quarter. >> 12% annualized. even with that rescinding of the insurance beyond 250,000, still deposit flows. yet you can't put it into productive loans or you don't want to because you worry about credit quality and we end up with contracting energy -- >> look, we're at a moment where i don't think anybody who's got a mortgage, they know they're getting a good price. the ohio regionals are going to do better. that welgs is now a sale. look, wells could go to 33. if it had been to 32,
we like wells fargo a lot. they get hurt in a low rate environment, they'll be helped a tremendous amount when short rates move up, and investors have not yet been willing to believe that the mortgage profits are sustainable. even though wells has got 30% market share of the mortgage market, which over time should be a positive. it's just they're not willing to give them full credit for it yet. >> moshe, thanks for your time. >> thanks very much. >> i did want to discuss some breaking news on morgan stanley. the company, a number of news outlets reporting job cuts coming there. we can confirm and clarify some of those reports. morgan stanley sources close to the company indicating they will cut about 6% of its overall institutional securities, and infrastructure staff. those cuts will total 1,600 jobs, half would be international, half will be domestic. again, 6% of securities and infrastructure. now, putting that in perspective, the company has 57,000 total employees. some have reported 6% overall, that is not correct. again, if you do the math, it would be 1,600 total. they've be
and also the competitive environment. obviously a lot of phones coming out at ces and across the spectrum. but let's be clear. a lot of work hard for nokia. 0% gain is not necessarily the start of a turnaround per se at this company. >> and morgan stanley, if you're thinking about buy microsoft, windows 8 disappointing. i do like to -- a lot of people call in on mad money, they want to talk about low dollar stocks. clearwire. nokia. supervalu, all big wins. typically speculation -- speculation is really bad, we have to be involved with pfizer, you know, you should be in merck. the percentage wins here are staggering and a lot of people hit it big. by the way, sirius worked out, too. >> at the same time when you have a low priced stock like that, there is a great deal of risk and i know you point that out many times. i won't enmention many of these until they pierce that $3 level. >> but i was skeptical and this is one of those rare times where skepticism for supervalu, skepticism for clearwire because it was at a dollar not take long ago and it turns out they're a very valuable company. >
returns, what you're telling clients for the next three to five years? >> in this environment, we're actually asking our clients to think about three things. first we're going to have low interest rates for awhile. so they need to adjust their expected returns. so in a low interest rate environment we're going to have lower returns across all asset classes. second, we're telling our clients that as they think about the lower returns in the context of their portfolios, they also need to recognize that we are going to have volatility from incremental policy on a global basis. whether it's in the u.s., europe, japan or emerging market countries. we are expecting that policy, whether it's monetary policy adjustments, fiscal policy, it will all be incremental. and that will create market pressure because it won't be at a pace that the markets would like to see. so that will introduce volatility. and it's not something our clients should try to trace. they should look over the horizon and invest for the long run. >> looking at the long run, three to five-year term outlook if you look at
environment. there are still plenty of people who think the debt ceiling issues could be a debacle. february 15th, a little earlier than expected, a lot of people floating ideas that moody's might downgrade the u.s. debt sometime this quarter, if there's no grand bargain that ever appears, and that looks increasingly unlikely. i'm in the camp that the risk is to the down side on the stock market right now. earnings today, as you just mentioned here, look, the question has been whether or not putry was the trough in earnings that things would get better from here. it's going to be modest improvement. q4 isn't looking that great. we're only looking at roughly 3% improvement in earnings. that's not great. top line growth has been nonexistent throughout last year. q3 top line growth was zero. zero. we haven't seen that in a long time. you want to know how weird that is? the ten-year eenaverage is 7%. maybe it will be 3%. that's the hope. it's coming down as we're going in. so we may be at a trough in the third quarter, but the fourth quarter certainly isn't going to be gangbusters right now here
Search Results 0 to 4 of about 5

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